The firm faces a persistent free cash flow deficit, with quarterly outflows reaching $1.6M in 2026Q1, highlighting a reliance on external financing.
| Cash from Operations | -3.9M | -2.56M | -1.36M | -1.38M |
| Operating CF Margin % | - | - | - | - |
| Operating CF Growth % | 0% | -88.27% | 1.19% | - |
| Net Income | -3.84M | -3.19M | -1.77M | -2.29M |
| Depreciation & Amortization | 42.28K | 52.75K | 47.48K | 43.92K |
| Stock-Based Compensation | 0 | 419.25K | 352.83K | 640.26K |
| Deferred Taxes | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -2.04M | -2.21M | 8.65K | 662 |
| Working Capital Changes | 1.94M | 2.37M | -1.86K | 229.74K |
| Change in Receivables | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | 1.67M | 2.26M | 0 | 0 |
| Cash from Investing | -165.21K | -152.99K | -99.47K | -44.31K |
| Capital Expenditures | -165.21K | 0 | -99.47K | -44.31K |
| CapEx % of Revenue | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 0 | -152.99K | 0 | 0 |
| Cash from Financing | 13.71M | 6.92M | 1.15M | 500K |
| Debt Issued (Net) | 6.72M | 0 | 0 | 0 |
| Equity Issued (Net) | 5.92M | 6.92M | 1.15M | 500K |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | 1.07M | 0 | 0 | 0 |
| Net Change in Cash | 11.22M | 4.2M | -308.4K | -921.99K |
| Free Cash Flow | -3.9M | -2.72M | -1.46M | -1.42M |
| FCF Margin % | - | - | - | - |
| FCF Growth % | - | -85.92% | -2.73% | - |
| FCF per Share | -0.13 | -0.20 | -0.11 | -0.11 |
| FCF Conversion (FCF/Net Income) | 1.02x | 0.80x | 0.77x | 0.60x |
| Interest Paid | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 |
Pre-revenue liquidity exhaustion
As reported in quarterly filings, TTRX exhibits a volatile relationship between net income and operating cash flow, with the OCF/NI ratio reaching 1.68 in 2026Q1, highlighting that cash outflows are consistently decoupled from accounting losses due to the absence of meaningful revenue generation or operational scale.
The divergence between net income and operating cash flow suggests that accounting figures are heavily influenced by non-cash items or timing differences in accruals rather than core business performance. Investors should monitor this gap, as it indicates that the company's cash burn is driven by fundamental operational requirements rather than accounting adjustments.
Based on recent financial statements, TTRX has maintained a negative free cash flow trajectory, with quarterly outflows reaching $1.6M in 2026Q1, underscoring the company's reliance on external financing to sustain its research-heavy business model in the absence of any commercial revenue streams or self-funding capabilities.
The consistent negative FCF trend suggests that the company is currently in a capital-intensive phase with no immediate path to self-sustainability. This trajectory warrants further investigation into the company's ability to reach clinical milestones before its current cash reserves are fully depleted.
According to the provided cash flow data, working capital changes have fluctuated significantly, swinging from a $732.6K inflow in 2025Q4 to a $737.2K outflow in 2026Q1, which suggests that timing differences in payables and accruals are currently the primary drivers of short-term liquidity movements.
The erratic nature of these working capital shifts appears to be a byproduct of managing limited cash resources against irregular clinical trial expenditures. Analysts should interpret these swings as a sign of operational instability rather than a reflection of efficient inventory or receivables management.
As indicated by the company's reported figures, capital expenditures remain negligible, with a low of $12.2K in 2026Q1, suggesting that the firm is currently prioritizing R&D and administrative overhead over the acquisition of physical assets or manufacturing infrastructure at this stage of development.
The lack of significant capital investment may imply that the company is avoiding the costs of building internal manufacturing capabilities, potentially favoring a future licensing model. However, this also suggests that the firm lacks the tangible asset base that might otherwise provide collateral for non-dilutive financing.
Quick answers to the most common questions about buying TTRX stock.
Turn Therapeutics Inc. (TTRX) generated $-2.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Turn Therapeutics Inc. (TTRX) reported negative free cash flow of $2.7M in 2025, indicating capital requirements exceeded cash from operations.
Turn Therapeutics Inc. (TTRX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.